Stay disciplined and avoid rushing into deals without thorough due diligence.Resources for InvestorsIf you’re new to investing in distressed properties or looking to expand your portfolio, consider leveraging resources like:Local Realtors: Realtors specializing in distressed properties can assist in locating off-market deals and navigating complex transactions.Community Forums: Attend a local investor meetup or join online forums for the Phoenix market.Educational Tools: Search out webinars, workshops, or courses on investing in distressed properties.Final ThoughtsThe distressed property market in Phoenix is creating some excellent potential for the right investors willing to go the extra mile necessary to take on strategic risks associated with this category of real estate.

I filled out their survey and provided some constructive feedback, even though I don't own a STR here.

Quote from @Sherry McQuage: Make sure to check the zoning to make sure mobile homes are permitted there; check for any hazardous waste designation for the area; will you need to have the parcels surveyed out in order to sell the size you intend? 

and CA will want you to pay tax on the profit associated with the time the predecessor property was in CA.

To your point, there is some risk associated with buying a note, but that is why we are selling them at least 25% under market BPO value.

This way, if vacation rental management becomes too demanding or isn’t feasible, you have an alternative strategy in place.Make sure to confirm that the HOA or association allows rentals at all.

The concept of diversification is generally associated with the asset/investment in question rather than the composition of the investors.

During demo, if they open up a wall and find a leak that requires a change order. the change order should be specific to that repair and have a cost associated with it. 6.

I understand why carriers associate Condo/PUD construction with greater liability risk (I am sure being based in Philadelphia, a jury friendly city doesn't help either) but curious which carriers others are finding to price coverage without this exclusion and also price the coverage competitively.This also serves as a reminder to review the coverage when you hire a GC for more substantial or unique construction assignments. 

Sign up for local news articles, go to events in different areas, attend neighborhood association meetings, and just go out and have fun.